{"id":12511,"date":"2026-08-05T09:26:24","date_gmt":"2026-08-05T06:26:24","guid":{"rendered":"https:\/\/hepsor.ee\/for-investors\/bonds\/volakiri-2026\/"},"modified":"2026-09-02T15:22:18","modified_gmt":"2026-09-02T12:22:18","slug":"bonds-2026","status":"publish","type":"page","link":"https:\/\/hepsor.ee\/en\/for-investors\/bonds\/bonds-2026\/","title":{"rendered":"Bonds 2026"},"content":{"rendered":"\n<div id=\"stock-header-block-block_47bec48b485fc060b4bc9d1c4bbe8141\" class=\"stock-header-block\">\n    <div class=\"container\">\n        <div class=\"row\">\n                            <div class=\"text_container\">\n                    <h1>Hepsor\u2019s public bond offering will take place from 25 August 2026 at 10:00 to 4 September 2026 at 15:30.<\/h1>\n                <\/div>\n                                        <div class=\"col col-12 image-wrap\">\n                    <img decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2026\/08\/HEADER_ENG-1.jpg\" class=\"header-image full-size\"><\/img>\n                <\/div>\n            \n                            <div class=\"text-wrap\">\n                    <p>Hepsor will launch a public offering of new bonds on 25 August 2026. The bonds have a fixed annual interest rate of 9.5%, with interest payments made quarterly. The nominal value of each bond is EUR 1,000, and the bonds will mature in September 2029.<\/p>\n<p>Hepsor plans to use the capital raised through the offering primarily to finance development projects in Estonia and Latvia. The subscription period will run from 10:00 on 25 August until 15:30 on 4 September 2026.<\/p>\n<p class=\"PDq2pG_selectionAnchorContainer\" data-start=\"0\" data-end=\"19\">\n<p class=\"isSelectedEnd\"><strong>On 27 August, Hepsor hosted a webinar on its bond offering<\/strong>, where we discussed Hepsor, our plans, and the ongoing bond offering.<\/p>\n<p class=\"isSelectedEnd\">If you were unable to join the webinar live, you can now watch the recordings:<\/p>\n<p class=\"isSelectedEnd\"><strong>\u2192 <\/strong><a href=\"https:\/\/www.youtube.com\/watch?v=atq6kGelWTw\"><strong>Watch the webinar recording in Estonian<\/strong><\/a><\/p>\n<p><strong>\u2192 <\/strong><a href=\"https:\/\/www.youtube.com\/watch?v=QBPAQqh6L5Y\"><strong>Watch the webinar recording in English<\/strong><\/a><\/p>\n<p data-start=\"1909\" data-end=\"2549\" data-is-last-node=\"\" data-is-only-node=\"\">\n                <\/div>\n            \n                    <\/div>\n    <\/div>\n<\/div>\n\n\n<div style=\"height:42px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"stock-info-block-block_11d1895b0ae8ba97b655b01b22a35ef3\" class=\"stock-info-block padding-top\">\n    <div class=\"container\">\n        <div class=\"row\">\n                            <div class=\"col col-12\">\n                    <h2 class=\"block-title\">Offer terms and conditions<\/h2>\n                <\/div>\n                                        <ul>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">Issuer:<\/span>\n                            <span class=\"col col-6 content\">Hepsor AS<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">Security:<\/span>\n                            <span class=\"col col-6 content\">EUR 9.50 Hepsor AS bond 26-2029<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">Type of Security:<\/span>\n                            <span class=\"col col-6 content\">Unsecured and unsubordinated bond<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">ISIN:<\/span>\n                            <span class=\"col col-6 content\">EE0000005213<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">Type of Offering:<\/span>\n                            <span class=\"col col-6 content\">Public offering to retail and institutional investors in Estonia, Latvia and Lithuania.<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">Issue Volume:<\/span>\n                            <span class=\"col col-6 content\">EUR 3 million with an option to increase to up to EUR 5 million<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">Nominal Value:<\/span>\n                            <span class=\"col col-6 content\">EUR 1,000<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">Interest Rate:<\/span>\n                            <span class=\"col col-6 content\">9.50% per annum<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">Financial Covenant:<\/span>\n                            <span class=\"col col-6 content\">The equity ratio must be at least 20% at all times;  to ensure minimum liquidity at all times for at least the next interest payment.<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">Interest Payments<\/span>\n                            <span class=\"col col-6 content\">Quarterly (11 December, 11 March, 11 June and 11 September) (except 11 September 2026)<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">Subscription Period:<\/span>\n                            <span class=\"col col-6 content\">25 August 2026, 10:00 \u2013 4 September 2026, 15:30<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">Value Date:<\/span>\n                            <span class=\"col col-6 content\">11 September 2026<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">Maturity Date:<\/span>\n                            <span class=\"col col-6 content\">11 September 2029<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">Application for Admission to Trading:<\/span>\n                            <span class=\"col col-6 content\">Nasdaq Tallinn Stock Exchange Baltic Bond List<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">First Trading Day:<\/span>\n                            <span class=\"col col-6 content\">On or around 14 September 2026<\/span>\n                        <\/li>\n                                            <li class=\"row\">\n                            <span class=\"col col-6 name\" style=\"max-width:350px\">Prospectus Approved:<\/span>\n                            <span class=\"col col-6 content\">10 November 2025, supplemented on 21 August 2026 by the Estonian Financial Supervision Authority<\/span>\n                        <\/li>\n                                    <\/ul>\n                    <\/div>\n            <\/div>\n<\/div>\n\n\n<p class=\"d-none\"><\/p>\n\n\n\n<div style=\"height:42px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div id=\"documents-block-block_86e933d7878153e1500c2909f6ef2802\" class=\"documents-block\">\n    <div class=\"container\">\n                    <div class=\"row\">\n                <div class=\"col col-auto\">\n                    <h2>Documents<\/h2>\n                <\/div>\n            <\/div>\n        \n        <div class=\"files d-flex flex-wrap\">\n                                            <a href=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2026\/08\/Prospectus.pdf\" class=\"btn blue d-inline-block\" target=\"_blank\">Prospectus<\/a>\n                                            <a href=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2026\/08\/Prospectus-Summary-ENG.pdf\" class=\"btn blue d-inline-block\" target=\"_blank\">Prospectus Summary<\/a>\n                                            <a href=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2026\/08\/Final-Terms-II-serieseng.pdf\" class=\"btn blue d-inline-block\" target=\"_blank\">Terms and Conditions of the Bonds (Series II)<\/a>\n                                            <a href=\"https:\/\/hepsor.ee\/Hepsor_AS_Terms_and_Conditions_of_the_Bonds.pdf\" class=\"btn blue d-inline-block\" target=\"_blank\">Terms and conditions of the bonds<\/a>\n                                            <a href=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2026\/08\/Prospectus-supplement_ENG.pdf\" class=\"btn blue d-inline-block\" target=\"_blank\">Prospectus supplement<\/a>\n                                            <a href=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2026\/08\/Hepsor-Bond-IP_2026-1.pdf\" class=\"btn blue d-inline-block\" target=\"_blank\">Investor Presentation<\/a>\n                    <\/div>\n    <\/div>\n<\/div>\n\n<div id=\"timeline-block-block_048499c49d0d457f3e76886377600905\" class=\"timeline-block\">\n    <div class=\"container\">\n                    <div class=\"row\">\n                <div class=\"col col-auto\">\n                    <h2>Schedule<\/h2>\n                <\/div>\n            <\/div>\n        \n        <div class=\"timeline d-flex flex-column flex-md-row\">\n                                            <div class=\"event d-flex flex-column w100\">\n                    <div class=\"date\">\n                        25.08                    <\/div>\n                    <div class=\"text\">\n                        10:00 Subscription period begins                    <\/div>\n                <\/div>\n                                            <div class=\"event d-flex flex-column w100\">\n                    <div class=\"date\">\n                        27.08                    <\/div>\n                    <div class=\"text\">\n                        13:00 EST, 15:00 ENG Bond offering  webinar                    <\/div>\n                <\/div>\n                                            <div class=\"event d-flex flex-column w100\">\n                    <div class=\"date\">\n                        28.08                    <\/div>\n                    <div class=\"text\">\n                        16:00 \u201cInvesting Without a Filter\u201d                    <\/div>\n                <\/div>\n                                            <div class=\"event d-flex flex-column w100\">\n                    <div class=\"date\">\n                        4.09                    <\/div>\n                    <div class=\"text\">\n                        15:30 Subscription period ends                    <\/div>\n                <\/div>\n                                            <div class=\"event d-flex flex-column w100\">\n                    <div class=\"date\">\n                        7.09                    <\/div>\n                    <div class=\"text\">\n                        Subscription results                    <\/div>\n                <\/div>\n                                            <div class=\"event d-flex flex-column w100\">\n                    <div class=\"date\">\n                        11.09                    <\/div>\n                    <div class=\"text\">\n                        Settlement date                    <\/div>\n                <\/div>\n                                            <div class=\"event d-flex flex-column w100\">\n                    <div class=\"date\">\n                        15.09                    <\/div>\n                    <div class=\"text\">\n                        First trading day                    <\/div>\n                <\/div>\n                    <\/div>\n    <\/div>\n<\/div>\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading\">Why Hepsor?<\/h1>\n\n\n<div id=\"text-timeline-block-block_c321e7c1e1f58759e0015c8f0b269b09\" class=\"text-timeline-block\" style=\"--padding-top: 0px\">\n    <div class=\"container\">\n                    <h2>A well-capitalised listed company<\/h2>\n        \n                    <div class=\"text-wrap\">\n                <p>In 15 years, Hepsor has grown from a residential property developer focused on the Estonian market to a modern listed company operating as a residential and commercial property developer in Estonia, Latvia, and Canada. The company has been listed on the Nasdaq Baltic Main List since 2011 and regularly publishes financial statements in accordance with IFRS standards.<\/p>\n            <\/div>\n        \n                    <div class=\"timeline d-flex flex-column flex-lg-row align-items-center align-items-lg-start\">\n                                                        <div class=\"event d-flex flex-column align-items-center align-items-lg-start w100\">\n                        <div class=\"date\">\n                            2011                        <\/div>\n                        <div class=\"text\">\n                            Hepsor is founded                        <\/div>\n                    <\/div>\n\n                                                                    <div class=\"arrow\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"34\" height=\"22\" viewBox=\"0 0 34 22\" fill=\"none\">\n                                <path d=\"M0 10.7278H31.7718\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                                <path d=\"M22.1157 0.644531L32.0834 10.7279L22.1157 20.8112\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                            <\/svg>\n                        <\/div>\n                                                                            <div class=\"event d-flex flex-column align-items-center align-items-lg-start w100\">\n                        <div class=\"date\">\n                            2017                        <\/div>\n                        <div class=\"text\">\n                            expansion to Latvia                        <\/div>\n                    <\/div>\n\n                                                                    <div class=\"arrow\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"34\" height=\"22\" viewBox=\"0 0 34 22\" fill=\"none\">\n                                <path d=\"M0 10.7278H31.7718\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                                <path d=\"M22.1157 0.644531L32.0834 10.7279L22.1157 20.8112\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                            <\/svg>\n                        <\/div>\n                                                                            <div class=\"event d-flex flex-column align-items-center align-items-lg-start w100 bolder\">\n                        <div class=\"date\">\n                            2021                        <\/div>\n                        <div class=\"text\">\n                            listed on the Nasdaq Baltic Main List                        <\/div>\n                    <\/div>\n\n                                                                    <div class=\"arrow\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"34\" height=\"22\" viewBox=\"0 0 34 22\" fill=\"none\">\n                                <path d=\"M0 10.7278H31.7718\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                                <path d=\"M22.1157 0.644531L32.0834 10.7279L22.1157 20.8112\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                            <\/svg>\n                        <\/div>\n                                                                            <div class=\"event d-flex flex-column align-items-center align-items-lg-start w100\">\n                        <div class=\"date\">\n                            2023                        <\/div>\n                        <div class=\"text\">\n                            expansion to Canada                        <\/div>\n                    <\/div>\n\n                                                                    <div class=\"arrow\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"34\" height=\"22\" viewBox=\"0 0 34 22\" fill=\"none\">\n                                <path d=\"M0 10.7278H31.7718\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                                <path d=\"M22.1157 0.644531L32.0834 10.7279L22.1157 20.8112\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                            <\/svg>\n                        <\/div>\n                                                                            <div class=\"event d-flex flex-column align-items-center align-items-lg-start w100 bolder\">\n                        <div class=\"date\">\n                            2025                        <\/div>\n                        <div class=\"text\">\n                            launch of the bond programme                        <\/div>\n                    <\/div>\n\n                                                                    <div class=\"arrow\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"34\" height=\"22\" viewBox=\"0 0 34 22\" fill=\"none\">\n                                <path d=\"M0 10.7278H31.7718\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                                <path d=\"M22.1157 0.644531L32.0834 10.7279L22.1157 20.8112\" stroke=\"#F6A43C\" stroke-width=\"1.83333\" \/>\n                            <\/svg>\n                        <\/div>\n                                                                            <div class=\"event d-flex flex-column align-items-center align-items-lg-start w100 bolder\">\n                        <div class=\"date\">\n                            2026                        <\/div>\n                        <div class=\"text\">\n                            bond series II                        <\/div>\n                    <\/div>\n\n                                                <\/div>\n        \n                    <div class=\"row columns\">\n                                                        <div class=\"col col-12 col-lg-4 fade-in-up\">\n                        <div class=\"image d-flex justify-content-left\">\n                            <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-22.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                        <\/div>\n                        <div class=\"text\">\n                            <h2>Well-capitalised<\/h2>\n<p>Hepsor has a solid capital base: adjusted equity of \u20ac39.3 million and an adjusted equity-to-assets ratio of 37.9% ensure robust financial stability and protect the company against risks associated with both the market and individual projects.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"col col-12 col-lg-4 fade-in-up\">\n                        <div class=\"image d-flex justify-content-left\">\n                            <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-23.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                        <\/div>\n                        <div class=\"text\">\n                            <h2>Balanced debt<\/h2>\n<p>The company keeps its debt under control. A debt ratio of 56.6% shows a balanced leverage that allows for sustainable growth while maintaining a sufficient buffer to hedge risks and protect investors\u2019 interests.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"col col-12 col-lg-4 fade-in-up\">\n                        <div class=\"image d-flex justify-content-left\">\n                            <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-24.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                        <\/div>\n                        <div class=\"text\">\n                            <h2>Stable<br \/>\ncash flow<\/h2>\n<p>Financial security is based on 34 active development projects in three countries. A diverse portfolio ensures a stable and predictable cash flow to support day-to-day operations, new projects and timely debt service.<\/p>\n                        <\/div>\n                    <\/div>\n                            <\/div>\n        \n                    <div class=\"statistics\">\n                                                        <div class=\"statistic d-flex flex-column justify-content-center align-items-center\">\n                        <div class=\"green_text\">\n                            542 MEUR                        <\/div>\n                        <div class=\"text\">\n                            <p>potential return on development portfolio<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"statistic d-flex flex-column justify-content-center align-items-center\">\n                        <div class=\"green_text\">\n                            103.7 MEUR                        <\/div>\n                        <div class=\"text\">\n                            <p>total <\/br>assets 30.06.26<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"statistic d-flex flex-column justify-content-center align-items-center\">\n                        <div class=\"green_text\">\n                            513 apartments                        <\/div>\n                        <div class=\"text\">\n                            <p>As of 30.06.26<\/br>under construction<\/p>\n                        <\/div>\n                    <\/div>\n                            <\/div>\n            <\/div>\n<\/div>\n\n<div id=\"text-projects-block-block_eeae67536317f1cd982864a56f0a7c01\" class=\"text-projects-block\">\n    <div class=\"container\">\n                    <h2>Diverse investment<\/h2>\n        \n                    <div class=\"text-wrap\">\n                <p>The capital raised will not be channelled towards the implementation of a specific project or for funding a specific market. The bond offers the opportunity to contribute to a diverse development portfolio that includes existing and new projects in domestic markets in Estonia and Latvia as well as in Canada. For investors, this translates into geographic and project-based diversification of risk, ensuring a more stable and balanced risk profile for their investments and the potential to benefit from growth in different markets.<\/p>\n            <\/div>\n        \n                    <div class=\"statistics d-flex flex-column\">\n                                                        <div class=\"statistic d-flex flex-column justify-content-center align-items-center\">\n                        <h3>Geographical diversification<\/h3>\n\n                        <div class=\"stats d-flex justify-content-center align-items-center align-items-lg-start\">\n                                                                                            <div class=\"stat d-flex flex-column justify-content-center align-items-center\">\n                                    <div class=\"icon d-flex justify-content-center align-items-center\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Group-72.svg\" width=\"81\" height=\"56\" alt=\"\" \/>\n                                    <\/div>\n                                    <div class=\"value\">\n                                        20                                    <\/div>\n                                    <div class=\"label\">\n                                        projects in Estonia <\/br>(97 000 m\u00b2)                                    <\/div>\n                                <\/div>\n                                                                                            <div class=\"stat d-flex flex-column justify-content-center align-items-center\">\n                                    <div class=\"icon d-flex justify-content-center align-items-center\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Group-71.svg\" width=\"81\" height=\"56\" alt=\"\" \/>\n                                    <\/div>\n                                    <div class=\"value\">\n                                        9                                    <\/div>\n                                    <div class=\"label\">\n                                        projects in Latvia <\/br>(98 000 m\u00b2)                                    <\/div>\n                                <\/div>\n                                                                                            <div class=\"stat d-flex flex-column justify-content-center align-items-center\">\n                                    <div class=\"icon d-flex justify-content-center align-items-center\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Group-70.svg\" width=\"81\" height=\"56\" alt=\"\" \/>\n                                    <\/div>\n                                    <div class=\"value\">\n                                        5                                    <\/div>\n                                    <div class=\"label\">\n                                        projects in Canada <\/br>(254\u00a0000 m\u00b2)                                    <\/div>\n                                <\/div>\n                                                    <\/div>\n                    <\/div>\n                                                        <div class=\"statistic d-flex flex-column justify-content-center align-items-center\">\n                        <h3>Portfolio diversification<\/h3>\n\n                        <div class=\"stats d-flex justify-content-center align-items-center align-items-lg-start\">\n                                                                                            <div class=\"stat d-flex flex-column justify-content-center align-items-center\">\n                                    <div class=\"icon d-flex justify-content-center align-items-center\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Group-17.svg\" width=\"48\" height=\"53\" alt=\"\" \/>\n                                    <\/div>\n                                    <div class=\"value\">\n                                        195\u00a0000 m\u00b2                                    <\/div>\n                                    <div class=\"label\">\n                                        Total development volume <\/br>in home markets                                    <\/div>\n                                <\/div>\n                                                                                            <div class=\"stat d-flex flex-column justify-content-center align-items-center\">\n                                    <div class=\"icon d-flex justify-content-center align-items-center\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Group.svg\" width=\"47\" height=\"51\" alt=\"\" \/>\n                                    <\/div>\n                                    <div class=\"value\">\n                                        127\u00a0000 m\u00b2                                    <\/div>\n                                    <div class=\"label\">\n                                        Residential developments <\/br>portfolio                                    <\/div>\n                                <\/div>\n                                                                                            <div class=\"stat d-flex flex-column justify-content-center align-items-center\">\n                                    <div class=\"icon d-flex justify-content-center align-items-center\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Fill-3.svg\" width=\"50\" height=\"56\" alt=\"\" \/>\n                                    <\/div>\n                                    <div class=\"value\">\n                                        68\u00a0000 m\u00b2                                    <\/div>\n                                    <div class=\"label\">\n                                        Business premises <\/br>development portfolio                                    <\/div>\n                                <\/div>\n                                                    <\/div>\n                    <\/div>\n                            <\/div>\n        \n                    <div class=\"projects-wrap d-flex flex-column\">\n                                    <h3>Selected Hepsor projects<\/h3>\n                \n                <div class=\"projects\">\n                                                                                                <a href=\"https:\/\/hepsor.ee\/manufaktuur\/en\/\" target=\"_blank\" class=\"d-flex flex-column fade-in-up\">\n                            \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-8.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>Manufaktuuri Quarter<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Estonia                                    <\/div>\n                                \n                                                            <\/a>\n                                                                                                            <a href=\"https:\/\/hepsor.ee\/paevalja\/en\/\" target=\"_blank\" class=\"d-flex flex-column fade-in-up\">\n                            \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2026\/08\/Untitled-design-21.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>Paev\u00e4lja Quarter<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Estonia                                    <\/div>\n                                \n                                                            <\/a>\n                                                                                                            <a href=\"https:\/\/p113tervisemaja.ee\/\" target=\"_blank\" class=\"d-flex flex-column fade-in-up\">\n                            \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-8-2.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>P113 Tervisemaja (health centre)<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Estonia                                    <\/div>\n                                \n                                                            <\/a>\n                                                                                                                <div class=\"d-flex flex-column fade-in-up\">\n                                \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2026\/08\/Untitled-design-22.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>Starta iela 17<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Latvia                                    <\/div>\n                                \n                                                <\/div>\n                                                                                                <a href=\"https:\/\/hepsor.lv\/zalajugla\/?lang=en\" target=\"_blank\" class=\"d-flex flex-column fade-in-up\">\n                            \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2026\/08\/Untitled-design-23.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>Zala Jugla<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Latvia                                    <\/div>\n                                \n                                                            <\/a>\n                                                                                                            <a href=\"https:\/\/dzresidence.lv\/en\" target=\"_blank\" class=\"d-flex flex-column fade-in-up\">\n                            \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-15.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>360\u00b0 Dzelzavas Residences<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Latvia                                    <\/div>\n                                \n                                                            <\/a>\n                                                                                                                <div class=\"d-flex flex-column fade-in-up\">\n                                \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-20.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>Isabella<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Canada                                    <\/div>\n                                \n                                                <\/div>\n                                                                                                    <div class=\"d-flex flex-column fade-in-up\">\n                                \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-19.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>Weston<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Canada                                    <\/div>\n                                \n                                                <\/div>\n                                                                                                    <div class=\"d-flex flex-column fade-in-up\">\n                                \n                                                                    <div class=\"image\">\n                                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-21.png\" width=\"560\" height=\"430\" alt=\"\" \/>\n                                    <\/div>\n                                \n                                                                    <h4>High Park<\/h4>\n                                \n                                                                    <div class=\"location\">\n                                        Canada                                    <\/div>\n                                \n                                                <\/div>\n                                <\/div>\n    <\/div>\n<\/div>\n<\/div>\n\n<div id=\"faq-block-block_44b1fc40515ab5bffc08755828d246a3\" class=\"faq-block\">\n    <div class=\"container\">\n                    <h2>Frequently Asked Questions<\/h2>\n        \n                    <div class=\"questions\">\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>Why Invest in Hepsor Bonds?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <p class=\"PDq2pG_selectionAnchorContainer\" data-start=\"0\" data-end=\"366\">Hepsor bonds offer investors an opportunity to gain diversified exposure to real estate. Unlike other issuers, Hepsor\u2019s cash flows are supported by a geographically and segment-diversified development portfolio, encompassing both residential and commercial real estate, multiple markets in Estonia, Latvia and Canada, and projects at different stages of development.<\/p>\n<p data-start=\"368\" data-end=\"716\" data-is-last-node=\"\" data-is-only-node=\"\">The capital raised is not tied to a single project but to the entire development portfolio, helping to diversify investor risk and mitigate volatility arising from external factors. In addition, the bonds offer a transparent investment opportunity in a listed company with a strong market position, focused on profitability and stable value growth.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>Can the bonds be traded on the stock exchange?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <div class=\"\" data-turn-id-container=\"9a1ae24e-ef3c-4c93-b6eb-5c813c6229f4\" data-is-intersecting=\"true\">Yes, the bonds are expected to be admitted to trading on the <strong data-start=\"61\" data-end=\"89\">Nasdaq Tallinn Bond List<\/strong>, enabling investors to trade them on the secondary market.<\/div>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>Can I exit my investment before maturity?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <p>Yes, the bonds are expected to be admitted to trading on the Nasdaq Tallinn Bond List, after which they can be traded on the secondary market, allowing investors to exit their investment before maturity if they wish.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>How can I subscribe for the bonds?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <p>Hepsor bonds can be subscribed for through banks that are Nasdaq CSD account operators (the list is available <a href=\"https:\/\/nasdaqcsd.com\/estonia\/en\/list-of-participants\/\">here<\/a>). Investors must have a Baltic securities account. Legal entities subscribing for the bonds must also have a valid LEI code in addition to a securities account.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>What is the minimum and maximum subscription amount?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <p>The minimum subscription amount is the nominal value of one bond, i.e. EUR 1,000. The maximum subscription amount is the total issue size, i.e. EUR 3 million.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>What happens if the offering is oversubscribed?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <div class=\"\" data-turn-id-container=\"e2ef0e7e-a1f8-48a0-965e-ffd7f481a649\" data-is-intersecting=\"true\">In the event of oversubscription, the bonds will be allocated in accordance with the following allocation principles: all investors will be treated equally under the same circumstances. However, depending on the number of investors and the level of interest in the offering, Hepsor may establish a minimum and maximum number of bonds to be allocated to each investor.<\/div>\n<div class=\"\" data-turn-id-container=\"request-WEB:9b111c43-54f4-4126-b778-f1e1538bed36-70\" data-is-intersecting=\"true\">\n<section class=\"text-token-text-primary w-full focus:outline-none has-data-writing-block:pointer-events-none [&amp;:has([data-writing-block])&gt;*]:pointer-events-auto R6Vx5W_threadScrollVars scroll-mb-[calc(var(--scroll-root-safe-area-inset-bottom,0px)+var(--thread-response-height))] scroll-mt-[calc(var(--header-height)+min(200px,max(70px,20svh)))]\" dir=\"auto\" data-turn-id=\"request-WEB:9b111c43-54f4-4126-b778-f1e1538bed36-70\" data-turn-id-container=\"request-WEB:9b111c43-54f4-4126-b778-f1e1538bed36-70\" data-testid=\"conversation-turn-142\" data-turn=\"assistant\">\n<div class=\"text-base my-auto mx-auto pb-8 [--thread-content-margin:var(--thread-content-margin-xs,calc(var(--spacing)*4))] @w-sm\/main:[--thread-content-margin:var(--thread-content-margin-sm,calc(var(--spacing)*6))] @w-lg\/main:[--thread-content-margin:var(--thread-content-margin-lg,calc(var(--spacing)*16))] px-(--thread-content-margin)\">\n<div class=\"[--thread-content-max-width:40rem] @w-lg\/main:[--thread-content-max-width:48rem] mx-auto max-w-(--thread-content-max-width) flex-1 group\/turn-messages focus-visible:outline-hidden relative flex w-full min-w-0 flex-col agent-turn\" data-conversation-screenshot-content=\"\">\n<div class=\"flex max-w-full flex-col gap-4 grow\">\n<div class=\"min-h-8 text-message relative flex w-full flex-col items-end gap-2 text-start break-words whitespace-normal outline-none keyboard-focused:focus-ring [.text-message+&amp;]:mt-1\" dir=\"auto\" tabindex=\"0\" data-message-author-role=\"assistant\" data-message-id=\"2db46b37-3a3b-4d14-99ad-5680b46319dd\" data-message-model-slug=\"gpt-5-6\" data-turn-start-message=\"true\">\n<div class=\"flex w-full flex-col gap-1 empty:hidden\">\n<div class=\"markdown prose dark:prose-invert wrap-break-word w-full light markdown-new-styling\">\n<p data-start=\"369\" data-end=\"727\" data-is-last-node=\"\" data-is-only-node=\"\">The company may also apply different allocation principles to retail and institutional investor groups. In addition, the offeror may give preference to the company\u2019s existing shareholders, bondholders and employees over other investors. A minimum allocation may be guaranteed to all investors. Some investors may receive fewer bonds than they subscribed for.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>When will I know how many bonds have been allocated to me?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <p>The results of the bond allocation will be published no later than 08 September 2026 or on a date close thereto. Investors will receive confirmation through their bank or platform.<\/p>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>When will the interest payments begin?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <div class=\"\" data-turn-id-container=\"d8169200-2a15-47ec-b784-da517c9ded18\" data-is-intersecting=\"true\">Interest payments will be made according to the schedule set out in the terms and conditions of the bonds. The first interest payment date is 11 December 2026.<\/div>\n                        <\/div>\n                    <\/div>\n                                                        <div class=\"question\">\n                        <button class=\"label d-flex align-items-start\">\n                            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"7\" height=\"10\" viewBox=\"0 0 7 10\" fill=\"none\">\n                                <path d=\"M0.707153 0.707031L4.70715 4.70703L0.707153 8.70703\" stroke=\"#3C9E75\" stroke-width=\"2\" \/>\n                            <\/svg>\n                            <span>How is interest on bonds taxed?<\/span>\n                        <\/button>\n                        <div class=\"answer\">\n                            <p>Taxation depends on the tax laws of your country of residence. We recommend consulting a financial adviser or your financial institution.<\/p>\n                        <\/div>\n                    <\/div>\n                            <\/div>\n        \n        \n            <\/div>\n<\/div>\n\n<div id=\"faq-block-block_06764cba4814d1947732a9d356ab2349\" class=\"faq-block\">\n    <div class=\"container\">\n        \n        \n                    <div class=\"people d-flex flex-column\">\n                                                        <div class=\"person\">\n                                                    <div class=\"image\">\n                                <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/hepsor.ee\/wp-content\/uploads\/2025\/11\/Rectangle-6.png\" width=\"560\" height=\"560\" alt=\"\">\n                            <\/div>\n                        \n                                                    <div class=\"text\">\n                                <h4>Martti Krass<\/h4>\n<h5>Juhatuse liige<\/h5>\n<p><a href=\"mailto:martti@hepsor.ee\" target=\"_blank\" rel=\"noopener\" data-fpl-component=\"primitive\">martti@hepsor.ee<\/a><\/p>\n                            <\/div>\n                                            <\/div>\n                            <\/div>\n        \n                    <div class=\"text-wrap\">\n                <p><em><strong>Important Information<\/strong><\/em><\/p>\n<p><em>This notice constitutes an advertisement for securities within the meaning of Regulation (EU) 2017\/1129 of the European Parliament and of the Council of 14 June 2017. Each investor must make any investment decision solely on the basis of the information contained in the prospectus (including any supplement thereto), its summary, the terms and conditions of the bonds and the final terms, which have been or will be published on the Hepsor AS website at <a href=\"https:\/\/hepsor.ee\/en\/for-investors\/bonds\/\">https:\/\/hepsor.ee\/en\/for-investors\/bonds\/<\/a>. Approval of the prospectus by the Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon) should not be understood as an endorsement of the bonds offered by Hepsor.<\/em><\/p>\n<p><em>This notice is intended for informational purposes only and refers to a possible future offering. It should not be construed as an offer to sell bonds or as an investment recommendation.<\/em><br \/>\n<em>No sale or public offering of Bonds will take place in any country or jurisdiction until the relevant prospectus or other required offering document has been duly approved, registered or published in accordance with applicable law. Investment decisions should be made solely on the basis of information contained in the prospectus.<\/em><\/p>\n<p><em>This notice may not be distributed in the United States, Canada, Australia, Japan or any other jurisdiction where such distribution would be unlawful. The information contained in this notice does not constitute an offer to sell or a solicitation to buy securities in any jurisdiction.<\/em><\/p>\n            <\/div>\n            <\/div>\n<\/div>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"Why Hepsor?","protected":false},"author":1,"featured_media":0,"parent":11267,"menu_order":11,"comment_status":"closed","ping_status":"closed","template":"page-templates\/template-default-sidebar.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-12511","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bonds 2026 - Hepsor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hepsor.ee\/en\/for-investors\/bonds\/bonds-2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bonds 2026 - 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